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The gold and silver markets have rallied during the last three weeks, and despite brief hiccups in gold and silver prices, the prices of both metals are currently near six-week highs. As of 8am EST … Read More

Bernanke Testimony Could Help Gold And Silver

Post by Janet Jones
on February 26, 2010

February 25, 2010 – Although the initial response was rather tepid, Federal Reserve Chairman Ben Bernanke’s testimony before Congress could prove to help gold and silver prices. Bernanke spoke about the general state of the US economy, the possibility of inflation and the timeline for interest rate hikes during two days of testimony. His comments show an American economy that is extremely weak, not growing as advertised and susceptible to both a double-dip recession and inflation.

During his time on Capital Hill, Bernanke stated that, “the impetus provided by the inventory cycle is temporary, and as fiscal support for economic growth diminishes later this year, a sustained recovery will depend on continued growth in private-sector final demand for goods and services.” He acknowledged that in spite of fears about inflation, it is necessary to continue “exceptionally low” interest rates for an “extended period” of time.

While the lower rates and jobs stimulus packages of the Obama Administration were supposed to bring new jobs, Bernanke referred to the job market as “quite weak,” and could only speak in generalities about credit flow from the Fed to small businesses in order to help spark job growth.

This testimony demonstrates the Fed’s concern for both deflation and inflation, while showing a missing strategy for both unemployment and new home sales, two vital areas that continue to lag. This environment makes gold and silver investment appear to be a strong move, since both deflation and inflation jeopardize the strength of the dollar, and cause gold and silver prices to see increases the majority of the time. Invetsors hedging their wealth should consider continuing to do so and those who are currently liquid should consider buying gold, platinum or silver to protect their personal wealth.